Assenagon Asset Management S.A. Has $1.16 Million Holdings in BridgeBio Pharma, Inc. $BBIO

Key Points

• Assenagon Asset Management cut its BridgeBio Pharma stake by 64.6% in the second quarter, selling 28,472 shares and retaining 15,620 shares valued at approximately $1.16 million. Institutional investors collectively own 99.85% of BBIO.
• Analyst sentiment remains favorable, with 20 Buy ratings, two Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $100.79. Several firms recently raised their targets to between $104 and $110.
• BridgeBio reported quarterly revenue of $243.68 million, up 120.4% year over year and above estimates, but its adjusted loss of $0.78 per share missed consensus by $0.20. Insiders have sold 382,117 shares worth $29.26 million over the past three months.

Assenagon Asset Management S.A. lowered its position in BridgeBio Pharma, Inc. (NASDAQ:BBIO - Free Report) by 64.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,620 shares of the company's stock after selling 28,472 shares during the period. Assenagon Asset Management S.A.'s holdings in BridgeBio Pharma were worth $1,163,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BBIO. GAMMA Investing LLC increased its stake in shares of BridgeBio Pharma by 13.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,646 shares of the company's stock worth $123,000 after purchasing an additional 199 shares during the last quarter. Commonwealth Equity Services LLC increased its position in BridgeBio Pharma by 4.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 5,179 shares of the company's stock worth $396,000 after buying an additional 244 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in BridgeBio Pharma by 91.4% during the fourth quarter. Farther Finance Advisors LLC now owns 513 shares of the company's stock valued at $39,000 after buying an additional 245 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of BridgeBio Pharma by 0.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,896 shares of the company's stock worth $3,970,000 after buying an additional 246 shares during the last quarter. Finally, CWM LLC lifted its position in shares of BridgeBio Pharma by 4.3% in the fourth quarter. CWM LLC now owns 6,444 shares of the company's stock worth $493,000 after buying an additional 265 shares during the last quarter. Institutional investors own 99.85% of the company's stock.

Analyst Ratings Changes

BBIO has been the topic of a number of analyst reports. Bank of America increased their price objective on BridgeBio Pharma from $101.00 to $104.00 and gave the company a "buy" rating in a report on Tuesday. TD Cowen boosted their target price on BridgeBio Pharma from $95.00 to $110.00 and gave the stock a "buy" rating in a report on Tuesday. Weiss Ratings cut BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday. Canaccord Genuity Group increased their price target on BridgeBio Pharma from $104.00 to $106.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $110.00 price target on shares of BridgeBio Pharma in a research report on Tuesday. Twenty investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $100.79.

Insider Activity

In other news, CFO Thomas Trimarchi sold 13,651 shares of the firm's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $65.08, for a total value of $888,407.08. Following the transaction, the chief financial officer directly owned 359,194 shares in the company, valued at $23,376,345.52. This trade represents a 3.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrea Ellis sold 17,167 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $84.00, for a total value of $1,442,028.00. Following the completion of the transaction, the director directly owned 22,579 shares in the company, valued at approximately $1,896,636. This represents a 43.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 382,117 shares of company stock worth $29,263,200. Insiders own 14.23% of the company's stock.

Trending Headlines about BridgeBio Pharma

Here are the key news stories impacting BridgeBio Pharma this week:

• Positive Sentiment: BridgeBio priced the oversubscribed sale of 5 million shares by KKR Genetic Disorder L.P. The company said the offering should diversify its institutional shareholder base and support greater long-term ownership. BridgeBio Pharma Announces Pricing of Oversubscribed Secondary Offering
• Positive Sentiment: Analyst sentiment remains broadly constructive. Truist raised its price target to $107, while TD Cowen lifted its target to $110; Canaccord Genuity, JPMorgan, Wells Fargo and Piper Sandler analysts also reportedly expect further appreciation. Truist Raises BridgeBio Price Target TD Cowen Raises BridgeBio Price Target
• Neutral Sentiment: KKR reportedly allocated nearly 60% of the offering to five firms, suggesting meaningful institutional demand and potentially reducing uncertainty around the resale. KKR Assigned BridgeBio Stock Sale to Five Firms
• Negative Sentiment: The 5 million-share secondary offering creates a near-term supply overhang, particularly because the company will not benefit financially from the sale. KKR’s decision to sell may also prompt investor concerns about shareholder support, even though the offering is not a new issuance by BridgeBio. BridgeBio Launches Secondary Offering
• Negative Sentiment: Morgan Stanley issued a pessimistic forecast, providing a counterweight to the otherwise favorable analyst commentary. Morgan Stanley BridgeBio Forecast

BridgeBio Pharma Stock Performance

Shares of NASDAQ:BBIO opened at $79.86 on Friday. BridgeBio Pharma, Inc. has a fifty-two week low of $46.81 and a fifty-two week high of $93.42. The business has a 50-day simple moving average of $77.36 and a two-hundred day simple moving average of $73.17. The firm has a market cap of $15.61 billion, a price-to-earnings ratio of -22.37 and a beta of 0.96.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.20). The firm had revenue of $243.68 million for the quarter, compared to analysts' expectations of $220.91 million. The firm's revenue was up 120.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.95) earnings per share. As a group, research analysts predict that BridgeBio Pharma, Inc. will post -2.6 earnings per share for the current year.

About BridgeBio Pharma

BridgeBio Pharma, Inc is a clinical-stage biopharmaceutical company headquartered in Palo Alto, California. Founded in 2015 by Neil Kumar, the company is dedicated to discovering, developing and delivering transformative medicines for patients with genetic diseases and cancers. BridgeBio operates an integrated model that spans target identification, preclinical research, clinical development and commercialization, aiming to streamline the process from bench to bedside.

BridgeBio's pipeline comprises multiple therapeutic modalities, including small molecules, biologics and genetic therapies.

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